Baran Group Awarded Contract to Build Desalination Plant.Business Editors NEW YORK--(BUSINESS WIRE)--July 30, 2003 The Baran Group, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , TASE TASE Tel Aviv Stock Exchange TASE The All Seeing Eye TASE Tactical Air Support Element TASE Thrust Assessment Support Environment TASE Telecontrol Application Service Elements (IEC communications protocol) : BRAN) a global provider of engineering, technology and construction solutions announced today that it was awarded a contract to build a water desalination Water desalination The removal of dissolved minerals (including salts) from seawater or brackish water. This may occur naturally as part of the hydrologic cycle, or as an engineered process. facility by Mekorot The Water Company Ltd. The plant will be built by a consortium, comprised of the Baran Group and Ionics Inc., a world leader in water purification  It has been suggested that , , and be merged into this article or section. and water desalination, in Ashdod, Israel. The contract is valued at an estimated $95 million. Construction of the desalination desalination or desalting Removal of dissolved salts from seawater and from the salty waters of inland seas, highly mineralized groundwaters, and municipal wastewaters. facility will be on a turnkey basis and is expected to be completed in approximately two years once construction has commenced. Initially, the issue of the contract award was litigated in court. The terms of the contract award have been agreed to by all parties and will be submitted to court for its approval. Commenting on the contract award, Meir Dor, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Baran Group said, "The Baran Group is delighted to have the opportunity to work with Ionics on this important project in Ashdod. This is a second project Baran has won together with Ionics. The first desalination project Baran collaborated on with Ionics, the Carmel Desalination facility, was awarded in late 2002. Baran looks forward to beginning construction of this new facility and for a continued relationship with Ionics. Also, we are glad that the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. of this contract award has come to an end and that all parties involved have agreed to the terms of the executed compromise agreement." About the Baran Group The Baran Group, Ltd., is a global provider of engineering, technology and construction solutions. The Company provides full-service, turnkey engineering and technological planning and production services to a broad range of industries through five professional divisions: communications, industries, civil engineering, semiconductors, and technology and services. Baran specializes in handling complex and challenging projects, offering creative and unconventional solutions, and customizing projects to clients' real needs. Baran's services include feasibility & planning, detailed engineering, procurement, project management, facility management, and construction management. For more information about the Baran Group, visit www.barangroup.com. The information contained in this news release, other than historical information, consists of forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. levels, adverse weather conditions and other factors could cause actual results to differ materially from the Company's expectations. |
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